Moody's ups Inter Pipeline

Moody's Investors Service said it upgraded the senior debt of Inter Pipeline (Corridor) Inc. to A2 and concluded the review for upgrade initiated on Nov. 2, 2010.

The outlook is stable.

The conclusion of the review and upgrade reflect the full commissioning of the $1.8 billion expansion of the pipeline, the completion of the expansion on budget, the equity injection from Inter Pipeline Fund of about $460 million with an effective date of Jan. 1 and the rolling of the expansion cost into the rate base, the agency said.

The rating upgrade further reflects the improved environment for oil in general and oil sands in particular and the expectation that the 2012 maturing debt should be refinanced well ahead of maturity, the agency added.

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